Lifetime Fitness 2012 Annual Report Download - page 79

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
73
December 31, 2012, there were 287,820 remaining shares authorized to be repurchased for this purpose. The shares
repurchased to date have been purchased in the open market and, upon repurchase, became authorized, but unissued
shares of our common stock.
In August 2011, our Board of Directors authorized the repurchase of up to $60.0 million of our outstanding common
stock from time to time through open market or privately negotiated transactions. The authorization to repurchase
shares terminates when the aggregate repurchase amount totals $60.0 million or at the close of business on August
17, 2013, whichever occurs first. The share repurchase program does not obligate us to repurchase any dollar
amount or number of shares of our common stock and the program may be extended, modified, suspended or
discontinued at any time. During 2012, 425,031 shares were repurchased under this program for approximately
$19.1 million. The shares repurchased to date have been purchased in the open market and, upon repurchase,
became authorized, but unissued shares of our common stock. As of December 31, 2012, there was $40.9 million
remaining authorized under this program.
8. Operating Segments
Our operations are conducted mainly through our distinctive and large, multi-use sports and athletic, professional
fitness, family recreation and spa centers in a resort-like environment. We aggregate the activities of our centers and
other ancillary products and services into one reportable segment. Each of the centers has similar economic
characteristics, services, product offerings and customers, and in-center revenues are derived primarily from services
to our members. Each of the other ancillary products and services either directly or indirectly, through advertising or
branding, complement the operations of the centers. Our chief operating decision maker uses EBITDA as the
primary measure of operating segment performance. Our chief operating decision maker is our Chief Executive
Officer.
The following table presents revenue for the years ended December 31, 2012, 2011 and 2010:
For the Year Ended December 31,
2012 2011 2010
Membership dues $ 727,596 $ 663,439 $ 603,231
Enrollment fees 15,346 18,447 24,426
Personal training 169,074 147,065 128,570
Other in-center 179,191 161,409 137,856
Total center revenue 1,091,207 990,360 894,083
Other revenue 35,740 23,314 18,761
Total revenue $ 1,126,947 $ 1,013,674 $ 912,844
9. Commitments and Contingencies
Lease Commitments — We lease certain property under operating leases, which require us to pay maintenance,
insurance and other expenses in addition to annual rentals. The minimum annual payments under all noncancelable
operating leases at December 31, 2012 are as follows: